Do Mergers and Acquisitions Boost the Labor Income Shares?
This paper empirically examines the impact of mergers and acquisitions(M&A)on firms'labor in-come share based on the data of China's A-share listed companies in Shanghai and Shenzhen from 2007 to 2022.The re-sults of the study show that mergers and acquisitions significantly contribute to the labor income share of listed compa-nies.In terms of the impact mechanism,M&A plays an important role in labor income share mainly through alleviating financing constraints and reducing financing costs.Further research concludes that the upward effect of M&A on labor income shares is stronger among non-state-owned and labor-intensive firms.Expansive analysis finds that M&A signifi-cantly increased the level of employees'labor income and led to a narrowing of the labor income gap between firm exec-utives and employees.This study provides a reference for the construction of a path for M&A to serve the real economy and achieve common prosperity,and provides useful insights on how to increase the share of corporate labor income through M&A and achieve the goal of reaching a new level of livelihood and well-being.
merger and acquisitionfinancing costslabor income sharefinancing constraintsshared wealth
万方数据
维普
